New Street Research - Meituan Dianping 3690 HK (3690) New Street: Meituan 3Q21 Earnings - Regulations and Macro Impact Near-term Outlook

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New Street Research

Jin Yoon

New Street: Meituan 3Q21 Earnings - Regulations and Macro Impact Near-term Outlook

What's new: Meituan reported 3Q21 results were largely in-line with consensus estimates. Food delivery and in-store, hotel & travel segments could continue to decelerate into FY22 amid resurgence of cases and weaker macro backdrop. We maintain our PT at HKD300.

Analysts:
Jin Yoon

29/11/2021 7 EN

Underlying

Meituan Dianping 3690 HK

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

Other Reports on these Companies

New Street Research

Meituan 3Q23 Results: Further Investments in 4Q

What’s new: Meituan’s reported 3Q23 top-line results were largely in-line with consensus and our expectations. Food delivery growth could slightly decelerate in 4Q (compared to 3Q) partly due to higher contribution from SME orders and increase in subsidies to stimulate demand recovery. We lower our PT from HKD250 to HKD200 as investments in core local commerce and new initiatives may continue to weigh down on margins. Our revised PT of HKD200 implies a 3.3x FY24E EV/Revs. We maintain our BUY rating.

November 29, 2023 November 29, 2023 1 EN

UOB

Meituan (3690 HK): 3Q23: Solid results; Stabilising in-store market share gain rival competitors.

Meituan delivered solid 3Q23 results. Total revenue grew 22% yoy to Rmb76.2b, in line with consensus estimates. Non-IFRS net profit was Rmb5.7b, translating to a non- GAAP net profit margin of 7%. For 4Q23, Meituan expects growth in food delivery volume to moderate due to a tempered macro recovery and seasonality. We expect ISHT to maintain its solid recovery trajectory in 4Q23. Maintain BUY with a lower target price of HK$171.00.

November 29, 2023 November 29, 2023 1 EN

UOB

Greater China Daily: Wednesday, November 28, 2023

KEY HIGHLIGHTS Results Meituan (3690 HK/BUY/HK$103.00/Target: HK$171.00) 3Q23: Solid results; Stabilising in-store market share gain rival competitors. PDD Holdings (PDD US/BUY/US$117.72/Target: US$150.00) 3Q23: Revenue beat; overseas expansion a core growth pillar. TRADERS’ CORNER Bosideng International (3998 HK): Trading Buy range: HK$3.30-3.40 Skyworth Group Limited (751 HK): Trading Buy range: HK$3.05-3.10

November 29, 2023 November 29, 2023 1 EN

Frontier Model Update

This note focuses on changes to the model following 1Q24 results. Earlier today, we published a review of results and comprehensive thoughts following the earnings call. The changes to estimates are minor. Our long-term thesis remains unchanged. Price target is $52.

EUR 9284.00

14h / 12m 14h / 12m 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR: quick thoughts following the call Part 2

We commented earlier on the implications of the delay in the analyst day. In this follow up, we cover: 1) the growth / margin trade-off; 2) fiber broadband ARPU growth; 3) SAC growth; 4) EBITDA growth; 5) fiber penetration; 6) ACP; 7) fiber net adds. We covered what we expect for the strategic review in our quick take on results this morning.

EUR 9284.00

15h / 55m 15h / 55m 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR quick thought following the call

In this quick note we touch on our thoughts around the delay in the analyst day. We will follow up shortly with further thoughts on operating and financial trends.

EUR 9284.00

22h / 44m 22h / 44m 1 EN

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New Street: Meituan 3Q21 Earnings - Regulations and Macro Impact Near-term Outlook

Meituan 3Q23 Results: Further Investments in 4Q

Meituan (3690 HK): 3Q23: Solid results; Stabilising in-store market share gain rival competitors.

Greater China Daily: Wednesday, November 28, 2023

Frontier Model Update

FYBR: quick thoughts following the call Part 2

FYBR quick thought following the call

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